Which of the Following Is the Most Appropriate Term to Use

question 43

Multiple Choice

Which of the following is the most appropriate term to use when describing management's duty to its shareholders?

• A)official duty
• B)legal duty
• C)fiduciary duty
• D)statutory duty

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines obligations and rights concerning specific terms.

Risk Of Loss

The liability or potential for losing value or possession of goods, often considered in transactions and agreements.

Simple Delivery Contract

A basic agreement where the delivery of a good or service completes the transaction without the need for further obligations from either party.

Possession

The state of having control over something or someone, legally indicating ownership or the right to use.